U.S. OIL INVENTORIES DOWN 1.1 MB TO 468.5 MB

OGJ - US crude oil inventories for the week ended June 28, excluding the Strategic Petroleum Reserve, decreased by 1.1 million bbl from the previous week, according to data from the US Energy Information Administration.

Separately, the American Petroleum Institute said its own estimates showed US crude inventories decreased by nearly 5 million bbl for the week.

At 468.5 million bbl, US crude oil inventories are 5% above the 5-year average for this time of year, the report indicated.

EIA said total motor gasoline inventories decreased by 1.6 million bbl and are at the 5-year range for this time of year. Finished gasoline inventories and blending component inventories both decreased last week. Distillate fuel inventories increased by 1.4 million bbl and are about 6% below the 5-year average for this time of year.

Propane-propylene inventories increased by 1.3 million bbl last week and are about 11% above the 5-year average for this time of year, EIA said.

US refinery inputs averaged 17.3 million b/d for the week ended June 28, about 47,000 b/d less than the previous week's average. Refineries operated at 94.2% of capacity.

Gasoline production decreased, averaging 9.9 million b/d. Distillate fuel production increased, averaging 5.3 million b/d.

US crude oil imports averaged 7.6 million b/d, up by 929,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 7.3 million b/d, 13.1% less than the same period last year. Total motor gasoline imports averaged 536,000 b/d. Distillate fuel imports averaged 98,000 b/d.

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